Multiple regions in China set optimistic economic growth targets

According to Bloomberg News website on January 15th, five important provinces and municipalities in China have stated that their economic growth rate this year will reach or exceed 5%. This indicates that despite the increasing trade resistance, China will still set an ambitious development goal

According to the people's congresses of various provinces and cities, Beijing, Shanghai, and Guangdong announced growth targets of "around 5%" this week. The target for Zhejiang is around 5.5%, while for Fujian it is between 5% and 5.5%

The goal of affluent provinces and cities indicates that China will seek to maintain its growth rate after an economic growth of around 5% in 2024

The package of measures and strong exports launched at the end of September 2024 have injected a shot in the arm into the Chinese economy

It was also reported on the website of Singapore's Lianhe Zaobao on January 15 that China's local economic growth targets for 2025 have been announced in succession. As national economic indicators, Beijing, Shanghai, and Guangdong have set their growth targets for this year at around 5%

The Chinese government usually announces its annual economic growth target at the National People's Congress and Chinese People's Political Consultative Conference held in March each year. In the past few years, the economic growth targets set by Beijing, Shanghai, and Guangzhou have been close to the national level, making them a barometer for judging the national economic trend

Fu Fangjian, associate professor of Li Guangqian School of Business at Singapore Management University, analyzed in an interview with the Lianhe Zaobao. Judging from the provinces, regions and cities that have announced their economic growth in 2024, it is estimated that China's economic growth target of about 5% in 2024 can be achieved

In addition, according to Taiwan's "Central News Agency" on January 16th, various regions in mainland China have entered the "local two sessions" time. According to media reports, based on the information revealed during the Two Sessions in various regions, stable growth signals have been released in various areas regarding economic development expectations

The growth target is a reflection of the expected economic development. Regarding stable growth, many regions have clearly set targets for economic growth by 2025. Hebei proposes a growth rate of over 5%, Fujian proposes a growth rate of 5% to 5.5%, Zhejiang, Hunan, and Jilin propose a growth rate of around 5.5%, and Inner Mongolia and Hainan propose a growth rate of around 6% or more

According to media reports, at the Central Economic Work Conference held in December 2024, "vigorously boosting consumption, improving investment efficiency, and expanding domestic demand in all aspects" were listed as the top priority tasks for 2025. Therefore, in the government work report of this year's local two sessions, expanding domestic demand has been placed in a more prominent position

The government work report of Shanghai will prioritize boosting consumption as the top priority for 2025. The report proposes to organize consumer promotion activities such as the "55 Shopping Festival", the "Shanghai Summer" international consumption season, and the Shanghai Tourism Festival

Zhejiang Province has explicitly proposed to boost and expand consumption, effectively enhancing the fundamental role of consumption in promoting development. Cultivate and strengthen the first launch economy, silver hair economy, exhibition economy, performing arts economy, and event economy, enhance the scale and efficiency of commercial and nighttime economies, and create more boutique projects and popular IPs. Expand the consumption of lifestyle services and create a reassuring consumption environment. Accelerate the recovery of inbound tourism and comprehensively improve the convenience of overseas tourists in terms of food, accommodation, transportation, travel, shopping, and entertainment

Guangdong, a major economic province, has proposed to vigorously promote the construction of major projects. This year, 1500 provincial key construction projects will be arranged, with an annual planned investment of 1 trillion yuan. In terms of transportation, projects such as the Guangzhou Zhanjiang high-speed railway, the Guangzhou Foshan East Ring intercity railway, the third phase of Guangzhou Baiyun Airport, and the three runways of Shenzhen Airport will be built, and multiple highways will be constructed to exit the province

This year, Hainan is in the year of "closed operation and expanded opening up". Hainan proposed that fixed assets investment will grow by more than 8% this year, while fixed assets investment in Hainan will grow by about 6.5% in 2024. This year's goal will be significantly accelerated